Computing system supporting online purchases

ABSTRACT

Computer code for, a method of, and a system for supporting financing of products offered for sale. The invention may include delivering personal credit information of the buyer for use in analyzing the buyer&#39;s credit. If qualified, the buyer is provided with the amount he or she is approved for, along with at least one product that he or she may purchase. The invention may also complete the sales transaction.

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application is a continuation of Ser. No. 13/109,093, filedon May 17, 2011, now U.S. Pat. No. 8,181,851, which is a continuation ofSer. No. 12/467,557 filed on May 18, 2009, now U.S. Pat. No. 7,942,316,which is a continuation of Ser. No. 09/808,717 filed on Mar. 14, 2001,now U.S. Pat. No. 7,539,628, which makes reference to, and claimspriority to and the benefit of, U.S. provisional application Ser. No.60/190,825 filed on Mar. 21, 2000, Ser. No. 60/214,183 filed on Jun. 26,2000, and Ser. No. 60/214,136 filed on Jun. 26, 2000.

INCORPORATION BY REFERENCE

Each of the above-identified applications is incorporated by referenceherein. The following applications are also incorporated by reference:(1) provisional application Ser. No. 60/213,912, filed on Jun. 26, 2000;(2) provisional application Ser. No. 60/214,188, filed on Jun. 26, 2000;(3) Ser. No. 09/808,722, filed on Mar. 14, 2001, now U.S. Pat. No.8,036,941 (4) Ser. No. 09/808,723, filed on Mar. 14, 2001, now U.S. Pat.No. 7,542,922; and (5) Ser. No. 13/397,825, filed on Feb. 16, 2012, nowpending.

STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH

N/A

BACKGROUND

1. Technical Field

The present invention relates generally to an online purchasing system;and, more particularly, it relates to an online affordability-basedpurchasing system that is operable to perform screening, filtering, andanalysis for purchases and potential purchases among various lenders andsellers of good(s) and/or service(s).

2. Related Art

Conventional loan approval methods are time-consuming and often involvea considerable amount of wasted effort on the part of buyers, sellersand lenders alike. Typically, when a buyer desires to finance apurchase, the buyer initially spends a significant amount of timeresearching and analyzing various products, often with the assistance ofa seller, before selecting a desired product. The buyer then typicallyspends additional time researching and analyzing various loans of one ormore lenders, again often with the assistance of a seller, beforeselecting a desired loan. The buyer provides the lender or seller withextensive personal financial information, which the lender or selleruses to calculate whether or not the buyer is qualified to finance theselected product with the selected loan.

If the buyer is not qualified, as is often the case, the buyer mustselect a different product, a different loan, or both, requiring thatthe entire time-consuming process be repeated. In many cases, the buyerand the lender or seller undertake several iterations of the processbefore achieving loan approval.

In addition, once loan approval is finally achieved using conventionalmethods, the seller is not able to upsell without having to start over.In other words, if a seller desires to sell upgrades for a selectedproduct or a more expensive product, the buyer and seller must againundertake the entire time-consuming loan approval process before knowingwhether the buyer qualifies to finance the upgrades or the moreexpensive product.

Conventional loan approval methods are also rigid, requiring that thesame steps be performed regardless of the type of product the buyerseeks to finance. Such methods do not permit the seller or lender tomodify loan approval processing, or perform different processingaltogether, depending on the type of product sought to be financed.

Obtaining loan approval using conventional methods is also verylabor-intensive. This is particularly true in situations where theseller is assisting the buyer in the loan approval process withoutlender involvement. Ordinarily in such situations, sellers associatewith one or more lenders, and obtain loan parameters from each lender.The seller uses these parameters in calculating, often manually using anadding machine or calculator, to determine whether or not the buyerqualifies for a particular loan. Lenders modify their parametersregularly, forcing the seller to keep track of all modifications. Insome instances, a seller approves a buyer for a particular loan, only tofind out later that the parameters used for approval are no longervalid. The seller must then recalculate whether or not the buyer isapproved using modified parameters, and if not, select a differentlender and/or loan, or have the buyer select a different productentirely, to ultimately achieve loan approval. The process istime-consuming and often frustrating for both the seller and the buyer.

Also, in such situations where a seller is assisting a buyer in the loanapproval process without lender involvement, the buyer is oftenunknowingly placed in an adverse financial position relative to theseller. Specifically, a seller typically receives a percentage of thefinancial amount (i.e., points) for originating a loan with a lender. Asmentioned above, a seller usually associates with multiple lenders, andwill attempt to “sell” to the buyer a loan that provides the seller withthe greatest amount of points, regardless of whether the interest rateor other parameters of the loan are the best available to the buyer.Conventional loan approval methods do not provide financial incentive tothe seller to identify and present loans most favorable to the buyer.

Conventional online loan platforms also suffer from similar problems.For example, such platforms typically provide a buyer with a creditapplication that, upon completion and submission by the buyer, isforwarded to a lender or lenders. The application is not processed inreal time, but instead is placed in queue where it is eventuallyprocessed by a loan officer, often several hours to several days later.The buyer must wait for a response from each lender, and is notpermitted to ascertain the effect that varying loan parameters may haveon the amount the buyer is qualified to finance. If a buyer desires tomodify the down payment amount or the loan term, the buyer must startall over again by completing and submitting another application. Thedelay inherent in such online platforms often causes buyers to simplywalk away from the purchase.

Even those conventional online loan platforms that claim to offer“automated loan processing” still typically only provide a buyer withmeans for automated data entry. These platforms still typically requireparticipation by a loan officer, and still take several hours to severaldays for loan approval.

Further limitations and disadvantages of conventional and traditionalsystems will become apparent to one of skill in the art throughcomparison of such systems with the present invention as set forth inthe remainder of the present application with reference to the drawings.

SUMMARY OF THE INVENTION

Aspects of the present invention may be found in an onlineaffordability-based purchasing system that comprises a first web serverused by an individual, such as a buyer, seller or lender, for example,to review, via a computer running browser software, product informationregarding products being offered online. The first web server may bethat used by a single seller's sales site or by a single lender'ssystem, or may be that of a third party multi-seller sales system ormulti-lender system, for example. The computer enables the individual toenter personal information about a buyer, and upon request, to obtaincredit report information, using all or a portion of the personalinformation, from a second web server, such as that of a creditreporting agency, for example. The credit report information, or someportion of it, is then used to determine at least the likelihood of thebuyer being approved for financing of at least one of the products beingoffered online.

In one embodiment, the individual enters the buyer's personalinformation and makes the request via a web page (or pages) interfacethat is delivered by the first web server, or a third web server, to thecomputer. The third web server may be that of a third partyaffordability portal, for example. A software engine, which may beassociated with any one of the web servers or the computer, determinesat least the likelihood of the buyer being approved for financing. Thecomputer may then display an indication to the individual of suchlikelihood.

In one embodiment, the indication is a notification of pre-approval orapproval with regard to at least one financing vehicle (which may be,for example, a loan, revolving credit, lease, etc.). In an embodimentwhere the software engine is associated with one of the web servers, theindication may be delivered to the computer via a web page or pages. Thecomputer may then respond to input via the web page or pages to initiatepurchase of one or more of the products using financing. For example,the individual can select a desired financing vehicle, and initiatepurchase of a product using the selected financing vehicle.

Other aspects, advantages and novel features of the present inventionwill become apparent from the following detailed description of theinvention when considered in conjunction with the accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

A better understanding of the present invention can be obtained when thefollowing detailed description of various exemplary embodiments areconsidered in conjunction with the following drawings.

FIG. 1 is a system diagram illustrating an online, affordability-basedpurchasing system in accordance with the present invention.

FIG. 2 is a flow diagram illustrating exemplary operational flow of theonline, affordability-based purchasing system of FIG. 1.

FIG. 3 is a functional diagram illustrating the interaction of variouscomponents of the online, affordability-based purchasing system of FIGS.1 and 2.

FIG. 4 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1.

FIG. 5 is a system diagram illustrating a further embodiment of theonline, affordability-based purchasing system of FIG. 1.

FIG. 6 is a system diagram illustrating an embodiment of a loanorigination and acquisition system in accordance with the presentinvention, which may be a stand alone system or incorporated into theonline, affordability-based purchasing system of the present invention.

FIG. 7 is a system diagram illustrating yet another embodiment of theonline affordability-based purchasing system of FIG. 1.

FIG. 8 is a system diagram illustrating a still further embodiment ofthe online, affordability-based purchasing system of FIG. 1.

FIG. 9 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1 that utilizes anaffordability portal.

FIG. 10 is a functional block diagram illustrating one embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention.

FIG. 11 is a functional block diagram illustrating another embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention.

FIG. 12 is a flow diagram that illustrates a buyer's exemplary actionwith the present invention.

FIG. 13 is a flow diagram illustrating a buyer's interaction via a webbrowser with a web server that performs online, affordability-basedpurchasing wherein a buyer's profile is created to extend the purchasingtransaction through multiple sessions.

FIG. 14 is a flow diagram that illustrates further functionality of theonline, affordability-based purchasing system of the present invention,wherein the purchasing (or leasing) transaction occurs through multiplesessions involving not only a buyer, but also a seller.

FIG. 15 is a flow diagram that illustrates further functionality of theonline, affordability-based purchasing system of the present inventionwherein a buyer may use a lender's online, telephonic or in-personassistance in closing a transaction that spans multiple buyer's,seller's, and lender's sessions.

FIG. 16 is a flow diagram that illustrates various aspects of salespersistence of the online, affordability-based purchasing system of thepresent invention.

FIG. 17 is a flow diagram of the online, affordability-based purchasingsystem, wherein a seller or a lender may identify buyers having pendingunderlying transactions involving, or who have shown interest in, thegoods, services, or financing of the lender or seller.

FIG. 18 is flow diagram illustrating the functionality of the online,affordability-based purchasing system of the present invention withreference to the selection of one of a plurality of loan offerings for agiven good or service selected.

FIG. 19 is a flow diagram that illustrates one way that the costs offinancing may be reduced in the online, affordability-based purchasingsystem of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

FIG. 1 is a system diagram illustrating an online, affordability-basedpurchasing system 110 in accordance with the present invention. Theonline affordability-based purchasing system 110 enables a buyer toperuse a number of available good(s) and/or service(s) (“product(s)”) todetermine which of the products the buyer would like to purchase. Withinthe context of the detailed description of the invention containedherein, reference to a buyer also includes a potential buyer, as well asa buyer/potential buyer who is invoking the system to determine theavailability of products for purchase or potential purchase. The online,affordability-based purchasing system 110 also enables a buyer to obtainfinancing for those products the buyer desires to purchase on credit.Within the context of the detailed description of the inventioncontained herein, reference to a loan, financing or credit also includeslease.

The online, affordability-based purchasing system 110 may include, amongother components, a buyer interface (I/F) 120 that is operative toenable a buyer to interface with a lender 1 160 and a seller 1 170. Thelender 1 160 contains a number of loan profiles illustrated by, forexample, a loan profile A 162, a loan profile B 164, and a loan profileN 169. In addition, multiple lenders are included within the scope andspirit of the invention as illustrated in the FIG. 1, each containing anumber of loan profiles in similar fashion to the lender 1 160. Thebuyer interface (I/F) 120 is operable to interface with each of theselenders as well.

Similarly, the seller 1 170 offers a number of good(s) and/or service(s)illustrated by, for example, a good(s) and/or service(s) A 172, agood(s) and/or service(s) B 174, and a good(s) and/or service(s) N 179.In addition, multiple sellers are included within the scope and spiritof the invention as illustrated in the FIG. 1, each containing a numberof good(s) and/or service(s) in similar fashion to the seller 1 170. Thebuyer interface (I/F) 120 is operable to interface with each of thesesellers as well.

The online, affordability-based purchasing system 110 includes, forexample, a selection screening component 130, a credit analysis engine140 and loan affordability filtering component 150. The selectionscreening component 130 enables a buyer to select desired products foranalysis or purchase as well select desired loans. A buyer, via thebuyer interface (IF) 120, provides buyer information to the creditanalysis engine 140. The credit analysis engine 140 uses the buyerinformation, loan profile or parameter information of one or morelenders, and buyer credit information to determine the specificproduct(s) the buyer can afford to finance. The loan affordabilityfiltering screening component 150 then indicates to the buyer thosespecific product(s) and the specific loan(s) that can be used to financethose product(s).

The loan profile or parameter information used by the credit analysisengine 140 may or may not require that the specific product(s) ofinterest and/or the seller(s) of those product(s) be considered inaffordability calculations. For example, for loans that apply to allproduct(s) and seller(s), the credit analysis engine 140 simplycalculates a maximum loan amount that the buyer can afford for eachparticular loan of each lender, without considering the specificproduct(s) of interest and/or the seller(s) of those product(s). Thecalculated maximum loan amount for each loan is then beat against theproducts of interest, and the specific product(s) that the buyer canafford to finance are identified or selected. The identified product(s),and the loan(s) applicable to each, are then displayed.

Some loan profiles may, however, require that the product(s) and/or theseller(s) be considered. In other words, a loan may only apply to aparticular product, to a particular model of a product and/or to aparticular seller. For example, in the case where the product ofinterest is an automobile or other vehicle, a lender may only offer acertain interest rate (e.g., 2.9%) for a specific manufacturer's model(e.g., Ford Explorer). Alternatively, a lender may only offer loans forspecific manufacturer's products, because, for example, those productstypically have a higher residual or resale value. Or a lender may onlyfinance a certain type of product, such as an automobile or home, forexample. In any case, the credit analysis engine 140 is “smart” in thatit uses this type of limiting information in calculating affordability.

Specifically, the credit analysis engine 140 is operable to beat thevarious loan profiles, for example, the loan profile A 162, the loanprofile B 164, up to the loan profile N 169 of FIG. 1, against theavailable good(s) and/or service(s), for example, the good(s) and/orservice(s) A 172, the good(s) and/or service(s) B 174, up to the good(s)and/or service(s) N 179 of FIG. 1, to identify or select those good(s)and/or service(s) that a buyer is qualified to finance. Only thosegood(s) and/or service(s) that a buyer is qualified to finance are thendisplayed to the buyer. Alternatively, all of the good(s) and/orservice(s) selected by the buyer are displayed, and those good(s) and/orservice(s) for which the buyer does not qualify for financing areindicated as such upon display.

In any case, the buyer may select a product and an associated loan usingthe selection screening component 130 and close the deal. As discussedmore completely below, the buyer may also use the selection screeningcomponent 130 prior to the credit analysis and affordabilityfunctionality to pre-select only a portion of all the availableproducts. Only these pre-selected products are then used in theaffordability analysis.

The online, affordability-based purchasing system 110 may also be usedto provide credit advice to a buyer. For example, the online,affordability-based purchasing system 110 may be implemented to enablethe buyer to better manage the buyer's own finances so that the buyermay maximize his/her affordability-based financing. In one instance, forexample, the credit analysis engine 140 may identify that if a buyerchanges certain financial variables, such as, for example, reducinghis/her revolving debt by a certain amount, increasing the down paymentbeing offered by a certain amount, and/or modifying the loan term, thebuyer would then qualify to finance more expensive or a greater numberof product(s), or qualify for a greater number of loans. The creditanalysis engine 140 may then cause all or a portion of this informationto be displayed to the buyer to enable the buyer to modify the buyer'spersonal financial variables, if desired.

Of course, it should be understood that the functionality of the creditanalysis engine 140 and the affordability filtering component 150 may beincorporated into a single engine or component.

FIG. 2 is a flow diagram illustrating exemplary operational flow of theonline, affordability-based purchasing system of FIG. 1. The system isoperable for a buyer to first enter an online sales system(s) 210. Inchoosing a path 254, the buyer elects loan affordability filtering 230based on all available good(s) and/or service(s) 212 that are offeredwithin the system. The loan affordability filtering 230 determines thoseaffordable good(s) and/or service(s) 232 from all available good(s)and/or service(s) 212. The buyer is provided with only those good(s)and/or service(s) that the buyer can afford with or without financing.In other words, the system performs loan affordability filtering anddisplays only those good(s) and/or service(s) for which the buyer canqualify for financing, and/or good(s) and/or service(s) that the buyermay purchase outright without financing. Then, following a path 258, thebuyer selects the desired goods and/or service(s) 222 usingpost-selection screening 220. Finally, following a path 259, the buyerpurchases the selected, affordable good(s) and/or service(s), asindicated at loan based good(s) and/or service(s) purchase 240. Thesequence via the paths 254, 258, and 259 represents one embodiment ofthe operational flow of the invention that provides for no pre-selectionof good(s) and/or service(s).

Alternatively, the buyer enters the online sales system(s) 210 and,following a path 252, elects to perform pre-selection screening 220. Thebuyer pre-selects certain good(s) and/or service(s) from all availablegood(s) and/or service(s) 212 that are offered within the system. Thebuyer may then purchase the pre-selected goods via the loan basedgood(s) and/or service(s) purchase 240 if the buyer already hasfinancing for the purchase. Alternatively, following a path 256, thebuyer may elect loan affordability filtering 230, which selects anddisplays only those of the pre-selected good(s) and/or service(s) 222that the buyer can afford to finance. The buyer may then select one ofthe affordable good(s) and/or service(s) 232, and purchase, followingpath 259, the selected good(s) and/or service(s).

As can be seen, the selection screening 220 may be performed by thebuyer either before and/or after performing the loan affordabilityfiltering 230. In addition, loan affordability filtering may beperformed a number of times before a buyer selects goods for purchase.For example, after loan affordability is performed once, a buyer may usepost-selection screening to select a subset of affordable products, andthen may decide to modify certain financial variables, such as downpayment or loan term, and then perform loan affordability filteringagain to see which of the subset of affordable products the buyer canstill afford. This process may be repeated as desired by the buyer.

As mentioned above, in one embodiment, loan affordability filteringpermits display of only those good(s) and/or service(s) that the buyeris qualified to finance. In another embodiment, loan affordabilityfiltering permits displays of all selected good(s) and/or service(s),but indicates to the buyer those that the buyer is not qualified tofinance. For example, those good(s) and/or service(s) for whichfinancing cannot be secured may be highlighted or printed in apre-determined color, such as red, for example. Those good(s) and/orservice(s) for which the buyer is qualified to finance may similarly behighlighted or printed in another pre-determined color, such as green,for example. In addition, a third category may also be used.Specifically, for example, “borderline” good(s) and/or service(s) may behighlighted or printed in a third pre-determined color, such as yellow,for example. A third category as such may represent those good(s) and/orservice(s) that the buyer could potentially finance if the buyer were tochange one or more loan parameters, such as, for example, increasing thebuyer's down payment or reducing a certain amount of the buyer'spre-existing debt. In any case, any number of ways to indicate loanaffordability filtering results are possible, and are included withinthe scope of the invention.

FIG. 3 is a functional diagram illustrating the interaction of variouscomponents of the online, affordability-based purchasing system of FIGS.1 and 2. The online, affordability-based purchasing system includesclient browser software (S/W) 310 that is used by a client, such as abuyer, lender or seller, for example, to interact with the othercomponents or the system. For example, using the client browser software(S/W) 310, a client may interact with catalog/sales inventory serversoftware (S/W) 320 to access what good(s) and/or service(s) areavailable from any number of providers of good(s) and/or service(s) inaccordance with any of the various embodiments of the invention.Similarly, a client may interact with loan acquisition software (S/W)360 and loan origination server software (S/W) 380 to perform loanacquisition and loan origination, respectively.

The system also includes a loan approval engine 330 that determineswhether the buyer qualifies for financing to assist in any purchase, andin the event the buyer does qualify for financing, determines the amountand degree of financing for which the buyer is qualified. To performthese determinations, the loan approval engine 330 uses, among otherthings, multiple loan profiles 340 and a lender's loan database (dB)350. The loan approval engine 330 is operable to perform loan approvalanalysis for the buyer on a good and/or service basis.

In addition, the loan approval engine 330 is operable to perform loanapproval analysis for a buyer on a category basis. More particularly,various categories of products typically have different qualificationsstandards. For example, different parameters are considered to qualify abuyer for a home purchase, as compared to those considered to qualify abuyer for an automobile purchase, as compared to those considered toqualify a buyer for a consumer product purchase, and so on. The loanapproval engine 330 is capable of performing different analyses as afunction of the specific purchase for which financing is being soughtand on a category basis.

The multiple loan profiles 340 correspond to the different loan profilesprovided by various lenders, some or all of which are contained withinthe lender's loan database (dB) 350. In one embodiment, the multipleloan profiles 340 and the loan approval engine 330 are colocated. Inanother embodiment, they are located in different locations.

As mentioned above, to originate a loan using traditional approaches, aloan approval officer or seller must execute a large amount of paperworkand verify certain buyer related parameters (such as, for example, theemployment of a buyer who seeks the loan) before the loan can beapproved for that buyer. The loan origination server software (S/W) 380is operative, in conjunction with the loan approval engine 330, themultiple loan profiles 340, and the lender's loan database (dB) 350, toperform automated loan approval. The loan origination server software380 performs all of the processing and paperwork that is required toperform loan approval, and may also include buyer signature capturefunctionality. The automated system enables loan origination without theassistance of a loan approval officer, and enables an employee havinglower qualifications to assist a buyer in interfacing with the system tosecure financing for a purchase. In fact, the loan origination serversoftware (S/W) 380 is operable to perform automated loan originationwithout the necessity of any employee whatsoever. In other words, abuyer may perform loan origination on his/her own, subject, of course,to verification by the lender/seller of information provided by thebuyer.

As mentioned above, lenders may use the loan acquisition software 360 toanalyze and purchase desirable loans. The loan origination acquisitionsoftware (S/W) 360 is further operable to transfer loans that a lendersells to the purchasing institutions.

The system also includes an electronic funds transfer (EFT)/paymentmanager 370 that is operable to coordinate with the buyer to repay aloan that is originated within the system through EFT from a buyer'saccount at a financial institution.

If desired, the system also provides a credit reporting function 390that uses a credit database (dB) 392 and a credit rating engine 394.These components are used in performing credit analysis, as describedabove. These components may also be implemented to perform anonymouscredit reporting for the buyer. A buyer has the option of determining ifhe/she is qualified for a loan, and in the event the buyer is notqualified, the system does not issue a negative credit report (arejection) against the buyer's credit record.

FIG. 4 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1. Multi-lenderloan (pre)approval software (S/W) 410, lender's software (S/W) 420,credit reporting software (S/W) 430, non-integrated single seller salessoftware (S/W) 440, multi-sales portal software (S/W) 450, andintegrated single seller sales software (S/W) 470 all interconnect tothe internet 499. A buyer can access all of the softwares (S/Ws) 410,420, 430, 440, 450, and 470 using a buyer's browser/user interface (I/F)460.

The multi-lender loan (pre)approval software (S/W) 410 itself maycontain, among other components, multiple lender profiles 412, a loanapproval engine 414, and a loan origination interface (I/F) 416. Themulti-lender loan (pre)approval software (S/W) 410 is contained on aserver connected to the Internet 499, in one embodiment of theinvention. The multiple lender profiles 412 correspond to various loanproviders who are integrated into the system. The loan approval engine414 uses the multiple lender profiles 412 to perform pre-approval of abuyer's loan request for any of the multiple lenders who are integratedinto the system. In one embodiment of the invention, the loanorigination interface (I/f) 416 enables a buyer, lender or seller topre-approve the buyer for loans of any lenders within the system.

The lender's software (S/W) 420 may contain, among other components, alender's browser/user interface (I/F) 422, loan origination software(S/W) 424, and a lender's approval engine 426, in one embodiment of theinvention. A lender's browser/user interface (I/F) 422 enables a lenderto access, via the Internet 499, any of the other functionality withinthe system. If desired, the loan origination software (S/W) 424 and thelender's approval engine 426 may not be contained within the lender'ssoftware (S/W) 420. Parallel loan approval engines may also be includedin various embodiments of the invention, as shown by the loan approvalengine 414 and the lender's loan approval engine 426. If desired, thelender's software (S/W) 420 is operable to invoke the loan approvalengine 414 via the Internet 499 when the lender's loan approval engine426 is not contained within the lender's software (S/W) 420. Also, theloan origination interface (I/F) 416 and the loan origination software(S/W) 424 are operable in a parallel and cooperative manner as well, inthat the loan origination interface (I/F) 416 may utilize the loanorigination software (S/W) 424.

The credit reporting software (S/W) 430 may contain, among othercomponents, a credit reporting database (dB) 432 and a credit ratingsystem engine 434, in one embodiment of the invention. Alternatively,the credit rating system engine 434 may be located within othercomponents in the system. For example, the functionality provided by thecredit rating system engine 434 may be performed using one or both ofthe loan approval engine 414 and the lender's loan approval engine 426when the credit rating system engine 434 is not included within thecredit reporting software (S/W) 430.

The multi-seller sales portal 450 employs an affordability interface(I/F) 452 and a multi-seller interface (I/F) 454 to allow the buyerusing the system to interact with other components within the system.The multi-seller sales portal 450 also allows any seller within thesystem to access other components within the system. For example, aseller within the system determines whether or not a buyer solicitingthe seller qualifies for certain financing as provided by any lenderparticipating within the system for any of the good(s) and/or service(s)offered by the seller.

The non-integrated single seller sales software (S/W) 440 may contain,among other things, a catalog and sales support function 442. Thenon-integrated single seller sales software (S/W) 440 is operable toperform framing on non-integrated single sellers as requested by a buyerusing the system. For example, framing allows one web page to “frame”the contents of another web page. If desired, the non-integrated singleseller sales software (S/W) 440 surrounds the framed web page with otherinformation as desired by the various other functional blocks within thesystem. For example, a seller frames his own information such as theinventory of his own good(s) and/or service(s) using the non-integratedsingle seller sales software (S/W) 440. The framing performed inaccordance with the present invention may be either dumb or intelligent.Intelligent framing extracts information from the non-integrated singleseller sales web site and processes that information, while the dumbframing simply displays the information from the non-integrated singleseller sales web site.

The integrated single seller sales software (S/W) 470 may contain, amongother things, a catalog and sales support function 472, an integratedaffordability interface (I/F) 474, and a seller's browser/user interface(I/F) 476. The catalog and sales support function 472 enables theintegrated single seller to provide to a potential buyer access to allof the good(s) and/or service(s) within his inventory to a potentialbuyer. The integrated affordability interface (I/F) 474 allows a user ofthe system to perform affordability analysis for one or all of theintegrated sellers coupled to the system. The seller's browser/userinterface (I/F) 476 enables, like many of the other browser/userinterfaces within the various embodiments of the invention, individualsellers or buyers can access via the internet all of the functionalityprovided by the various components within the system.

In the system of FIG. 4, a buyer may use the buyer's browser to accessthe multi-seller sales portal software 450. The buyer may then use themulti-seller interface 454 to view various products of multiple sellers,including integrated (i.e., participating) sellers, such as thatrepresented by the integrated single seller sales software 470, andnon-integrated (i.e., nonparticipating) sellers, such as thatrepresented by the non-integrated single seller sales software 440. Inthe former case, the buyer is able to view products that are within theinventories of the sellers and are available for purchase. In thelatter, the buyer is only able to view products that are listed on thesellers' website, which products may or may not be available forpurchase, depending upon how up to date the sellers' websites arerelative to their actual inventories.

In either case, the seller may then perform affordability analysis viathe affordability interface 452 for all or a selected portion of theproducts, as mentioned above. In this situation, the multi-seller salesportal 450 may access, via the loan origination interface 416, themulti-lender loan (pre)approval software 410 to perform the analysiswith multiple loans. The loan approval engine 414 uses the lenderprofiles 412, information provided by the buyer, and the creditreporting software 430 to determine the loans that are applicable forthe selected product(s). Specifically, the loan approval engine 414accesses the credit reporting software 430, which may be that of a thirdparty credit agency, to obtain buyer credit information from the creditreporting database 432. Alternatively, the credit approval engine 414simply obtains a credit rating for the buyer calculated by the creditrating system engine 434. In either case, the loan approval engine 414uses the information obtained, as well as information provided by thebuyer and the lender profiles 412, to determine whether the buyerqualifies to purchase the selected product for each of the multiplelenders' loans, as discussed above.

In another embodiment, the multi-lender loan (pre)approval software 410accesses the systems of multiple lenders, which systems themselvesperform the loan approval. For example, the lender's software 420 mayperform such an analysis using the lender's loan approval engine 426,similarly as discussed above. In either case, the results of theanalysis are communicated for display to the buyer.

Of course, the functionality of the multi-seller sales portal software450 and that of the multi-lender loan (pre)approval software 410 may beincorporated into a single component within the system.

The multi-seller sales portal 450 may instead (or additionally), at thebuyer's request, for example, access a single lender, such as thatrepresented by the lender's software 420, to perform the analysis withthe loan(s) of a single lender. In this situation, loan approval may beperformed, similarly as discussed above, by the lender's system, such asthat represented by the lender's software 420. The lender uses itscurrent loan profiles, information provided by the buyer, andinformation obtained from the credit reporting software 430, asdiscussed above, to determine loan approval. Again, the information iscommunicated for display to the buyer.

At this point, the buyer may select a product and a loan, and completethe purchase via the buyer's browser/user interface 460. For example, ifthe buyer selects a loan via the multi-lender loan (pre)approvalsoftware 410, the loan origination interface 416 accesses loanorigination software of the selected lender, such as the loanorigination software 424. The loan origination software 424 provides tothe buyer for completion via the buyer's browser/user interface 460, allthe necessary financing forms, etc., and even provides for buyersignature capture. Thus, using the system of FIG. 4, a buyer cancomplete a financed purchase without the assistance of a seller orlender, subject to confirmation of the financial information provided bythe buyer.

Alternatively, after the buyer performs affordability analysis on thebuyer's browser/user interface 460, the buyer may suspend thetransaction session, and proceed to a seller or sellers to viewproduct(s) of interest. The system saves the buyer's profile informationand affordability analysis results, so that the buyer may have a sellersimply pull up the information on the seller's browser, such as theseller's browser/user interface 476, to view and discuss product(s) orloan(s) of interest, a specific product or loan pre-selected by thebuyer via the buyer's browser/user interface 460, or even the productsof another seller. The buyer may then, with the assistance of the sellervia the seller's browser/user interface 476, select a product(s) forpurchase and a loan(s) (or confirm previous selections) and complete thetransaction. Again, the system provides for completion by the buyerand/or seller via the seller's browser/user interface 476 all thenecessary financing forms, etc., eliminating the time-consumingpaperwork that sellers must often undertake to complete a sale involvingfinancing, particularly when sellers typically deal with multiplelenders and have different paperwork for each.

Instead of proceeding to a seller, the buyer may instead (oradditionally) proceed to a lender or lenders to discuss financingoptions and continue the transaction session. The buyer may have alender simply pull up the information on the lender's browser, such asthe lender's browser user interface 422, to view and discuss loans orproduct(s) of interest, a specific loan or product pre-selected by thebuyer via the buyer's browser/user interface 460, or even the loans ofanother lender. Similarly as above with respect to the seller, the buyermay, this time with the assistance of the lender via the lender'sbrowser user interface 422, select a product(s) for purchase and a loan(or confirm previous selections) and complete the transaction. Onceagain, the system provides for completion by the buyer and/or lender viathe lender's browser/user interface 422 all the necessary financingforms, etc.

A buyer may also start the whole process without ever using the buyer'sbrowser/user interface 460. In other words, the buyer may proceeddirectly to a seller and/or lender to initiate a transaction session. Inthis case, the seller/lender may access the multi-seller sales portalsoftware 450 and/or the multi-lender loan (pre)approval software 410 andassist the buyer in entering the buyer's financial information andperform affordability analysis via their respective browsers/userinterfaces.

FIG. 5 is a system diagram illustrating a further embodiment of theonline, affordability-based purchasing system of FIG. 1. An originationsystem 520, an acquisition system 530, a multi-seller sales portalsoftware (S/W) 540, a non-integrated single seller sales software (S/W)550, a credit reporting/approval system software (S/W) 560, and anintegrated single seller sales software (S/W) 570 all interconnect tothe internet 599. A buyer can access all of the functionality of FIG. 5using a buyer's browser/user interface (I/F) 510.

The origination system 520 may contain, among other things, anorigination browser/user interface (I/F) 522 and a loan originationsoftware (S/W) 524. The acquisition system 530 may contain, among otherthings, an acquisition browser/user interface (I/F) 532 and anacquisition software (S/W) 534. The multi-seller sales portal software(S/W) 540 may contain, among other things, an affordability interface(I/F) 542 and a multi-seller interface (I/F) 544. The creditreporting/approval system software (S/W) 560 may contain, among otherthings, a credit reporting database (dB) 562, multiple lender profiles566, a loan approval engine 568 and a credit rating system engine 564 incertain embodiments of the invention. The non-integrated single sellersales software (S/W) 550 performs, among other things, a catalog andsales support function 552. The integrated single seller sales software(S/W) 570 performs, among other things, a catalog and sales supportfunction 572 and contains, among other things, an integratedaffordability interface (I/F) 574 and a seller's browser 576. Thefunctionality of the components in FIG. 5 may be similar to thatdiscussed above with respect to earlier figures.

The origination system 520 operates with any number of existing lendersintegrated into the system. For example, certain lenders target and seekcertain risk profiles representative of a certain class of buyers. Inaddition, the origination system 520 eliminates the paperwork that istypically executed to perform loan processing. The origination system520 may wait for verification of certain parameters provided by a buyer,such as verification of employment information. The acquisition system530 is operable to purchase loans from the origination system 520. Thecredit reporting/approval system software (S/W) 560 may be a singlesoftware system or a distributed software system. In addition, thecredit reporting/approval system software (S/W) 560 is operable togenerate anonymous credit reports for various users of the system. Thecredit reporting/approval system software (S/W) 560 is also operable todetermine the maximum value of a loan for which a buyer is approved. Themulti-seller sales portal software (S/W) 540 is operable to use themaximum loan value for which a buyer is qualified and beat that maximumloan value against an inventory of good(s) and/or service(s) for aseller or a selected number of sellers to determine which of thosegood(s) and/or service(s) the buyer can afford to finance.

In addition, a selected number of good(s) and/or service(s) are providedto the system, and the credit reporting/approval system software (S/W)560 is operable to perform different credit analysis as a function ofthe item for which the loan is being sought. For example, depending onwhether the loan is being sought to purchase an automobile, a home, orto repay revolving credit, the credit reporting/approval system software(S/W) 560 is operable to accommodate the different manner in whichparameters corresponding to the buyer are handled.

The non-integrated single seller sales software (S/W) 550 is operable toperform framing on non-integrated single sellers as requested by a buyerusing the system. For example, framing allows one web page to “frame”the contents of another web page. If desired, the non-integrated singleseller sales software (S/W) 550 surrounds the framed web page with otherinformation, as desired, by the various other functional blocks withinthe system. For example, a seller frames his own information, such asthe inventory of his own good(s) and/or service(s), using thenon-integrated single seller sales software (S/W) 550. The framingperformed in accordance with the present invention may be either dumb orintelligent. Intelligent framing extracts information from thenon-integrated single seller sales web site and processes that providedinformation, while the dumb framing simply displays the information fromthe non-integrated single seller sales web site.

In the system of FIG. 5, a buyer may use the buyer's browser to accessthe multi-seller sales portal software 540. The buyer may then use themulti-seller interface 544 to view various products of multiple sellers,including integrated (i.e., participating) sellers, such as thatrepresented by the integrated single seller sales software 570, andnon-integrated (i.e., nonparticipating) sellers, such as thatrepresented by the non-integrated single seller sales software 550. Inthe former case, as mentioned above with respect to FIG. 4, the buyer isable to view products that are within the inventories of the sellers andare available for purchase. In the latter, the buyer is only able toview products that are listed on the sellers website, which products mayor may not be available for purchase, depending upon how up to date thesellers' websites are relative to their actual inventories.

In either case, the seller may then perform affordability analysis viathe affordability interface 542 for all or a selected portion of theproducts, as mentioned above. In this situation, the multi-seller salesportal software 540 may access, via the affordability interface 542, thecredit reporting/approval system software 560 to perform the analysiswith multiple loans. The loan approval engine 568 uses the lenderprofiles 566, information provided by the buyer, and the creditreporting database 562 to determine the loans that are applicable forthe selected product(s). Specifically, the loan approval engine 568accesses the credit reporting database 562, to obtain buyer creditinformation. Alternatively, the loan approval engine 568 simply obtainsa credit rating for the buyer calculated by the credit rating systemengine 564, which may be part of the credit reporting approval systemsoftware 560 or part of the system of a third-party credit agency. Ineither case, the loan approval engine 568 uses the information obtained,as well as information provided by the buyer and the lender profiles566, to determine whether the buyer qualifies to purchase the selectedproduct for each of the multiple lenders' loans, as discussed above. Theresults of the analysis, i.e., the product(s) that the buyer can financeand the loans applicable to each, are communicated to the buyer fordisplay.

At this point, the buyer may select a product and a loan, and completethe purchase via the buyer's browser/user interface 510. If the buyerselects a loan, the buyer may access loan origination software of theselected lender. Specifically, for example, the buyer may access, viathe origination browser/user interface 522, the loan originationsoftware 524 in the origination system 520. The loan originationsoftware 524 provides to the buyer for completion via the buyer'sbrowser/user interface 510, all the necessary financing forms, etc., andprovides for buyer signature capture, similarly as discussed above.

The origination system 520 may be that of a single lender or part of aseparate system that services multiple lenders. In addition, thefunctionality of the origination system 520, the multi-seller salesportal 540, and the credit reporting/approval system software 560 may becombined into one or two components within the system.

After the buyer performs affordability analysis via the buyer'sbrowser/user interface 510, the buyer may suspend the transactionsession, and proceed to a seller or sellers to view product(s) ofinterest. The system saves the buyer's profile information andaffordability analysis results, so that the buyer may have a sellersimply pull up the information on the seller's browser, such as theseller's browser/user interface 576, to view and discuss product(s) orloan(s) of interest, a specific product or loan pre-selected by thebuyer via the buyer's browser/user interface 510, or even the productsof another seller. The buyer may then, with the assistance of the sellervia the seller's browser/user interface 576, select a product(s) forpurchase and a loan(s) (or confirm previous selections) and complete thetransaction. Again, the system provides for completion by the buyerand/or seller via the seller's browser/user interface 576 all thenecessary financing forms, etc.

Also, as mentioned above, the buyer may initiate a transaction sessionby proceeding directly to a seller and/or lender to initiate atransaction session. For example, the seller/lender may, via theirrespective browsers/user interfaces, access the multi-seller salesportal software 540 and assist the buyer in entering the buyer'sfinancial information and perform affordability analysis. Alternatively,the seller/lender may be integrated into the overall system, and be ableto perform affordability analysis via their own systems, rather thanthrough the multi-seller sales portal 540. Specifically, for example,the buyer may proceed to an integrated seller, such as that representedby the integrated single seller sales software 570, and performaffordability analysis using the seller's browser/user interface 576. Inthis situation, the seller, using the seller's browser/user interface574 and via the seller's integrated affordability interface 574,accesses the credit reporting/approval system software 560, whichperforms the affordability analysis as discussed above.

FIG. 6 is a system diagram illustrating an embodiment of a loanorigination and acquisition system in accordance with the presentinvention, which may be incorporated into the online,affordability-based purchasing system of the present invention, such asshown in FIG. 5 above, or may be a stand alone system. A loanorigination computing system 603 and a loan acquisition computing system650 both interconnect to the Internet 699. The loan origination system603, as well as the loan acquisition computing system 650, may be partof a lender's system, part of a separate system accessed by the lender(or buyer or seller) via the lender's browser/user interface, or mayeach be a part of separate systems of different lenders.

The loan origination computing system 603 itself may contain, amongother things, a loan software (S/W) 607. The loan software (S/W) 607itself may contain, among other things, an origination interface (I/F)610, a processing engine 620 having access to multiple profileparameters 622, a portfolio/profile manager 630, and a remote parameterretrieval function 640. The origination interface (I/F) 610 itself maycontain, among other things, a remote loan application entry function612 and a local loan application entry function 614.

The loan acquisition computing system 650 itself may contain, amongother things, an acquisition software (S/W) 655. The acquisitionsoftware (S/W) 655 contains at least a portfolio/profile manager 670, aparameter delivery function 680, and a remote offering interface (I/F)690. If desired, the acquisition software (S/W) 655 contains aprocessing engine 660 that employs multiple profile parameters 662. Theprocessing engine 660 employing the multiple profile parameters 662 maybe a parallel engine to the processing engine 620 employing the multipleprofile parameters 622.

The system of FIG. 6 provides for evaluation of the risk of issuing aloan to a buyer after considering all of the parameters represented bythe profile parameters 662, in such a way as to provide significantimprovement over conventional methods that employ human employees whoattempt to perform real time evaluation. The computer implementation ofthe invention does not limit the number of parameters that may beincluded in the risk evaluation that is performed for a specific buyer.

As mentioned above, the loan origination computing system 603 includesloan software 607 for analyzing risk and originating loans. The loanorigination interface 610 enables remote loan application entry 612 viathe browser/interface of other systems, and local loan application entry614, if, for example, the loan origination computing system 603 isincorporated into a lender's system. The processing engine 620 uses theinformation provided via the origination interface 610 and the profileparameters 622 to evaluate whether the buyer should be approved for aloan, similarly as discussed above.

In addition, the processing engine 620 may likewise retrieve remoteparameters via remote parameter retrieval 640 that are delivered by theloan acquisition computing system 650 via parameter delivery 680. Theprocessing engine 620 may then use this information to determine whetheror not to approve the buyer. In some cases as such, origination maydepend, at least partially, on whether or not the loan fits withinparameters of loans previously purchased by the lender or some otherentity, or those that the lender or other entity has been successful inselling in the past. This information may be generated/maintained by theportfolio/profile manager 670.

The loan software 607 may also include a portfolio/profile manager 630.The manager 630 keeps track of the portfolio of loans, and theirrespective profiles and buyer information, being carried by the lender,which information may also be considered in evaluating the relativerisks of issuing a loan to a particular buyer. If, for example, thebuyer's financial condition and loan requested matches those of otherswithin the lender's portfolio that are deemed desirable (e.g., low risk)by the lender, the lender may consider this information in determiningapproval or the amount the lender is willing to finance.

The information may also be used to determine whether or not a lendershould sell any loan being carried by the lender. If the lender approvesa buyer for a loan, or previously acquired that loan, theportfolio/profile manager 630 may evaluate that buyer/loan relative toothers within the lender's portfolio to evaluate the relative risks ofcontinuing to carry that loan. If the manager 630 determines that therisk is too high, it may designate the loan as one that should be soldby the lender. The manager 630 may also evaluate loans within thelender's portfolio, and use loan history to modify the profileparameters used by the lender, as necessary, in order to lower risk orincrease origination while maintaining low risk.

The loan acquisition computing system 650 includes acquisition software655 that may be used by a lender (or other entity) to acquire loansdeemed desirable and to sell loans deemed undesirable. The acquisitionsoftware 655 includes a portfolio/profile manager 670 that keeps trackof the portfolio of loans, and their respective profiles and buyerinformation, being carried by the lender, which information may beconsidered in evaluating the relative risks of acquiring certain loansand desirability of selling certain loans.

The acquisition software 655 also includes a remote offering interface690 for sending or receiving loan acquisition offers. For example, theacquisition software 650 may receive, in response to a request orotherwise, an offer to sell a particular loan. The acquisition software655 may include a processing engine 660 that uses profile parameters622, and, if desired, information generated/maintained by theportfolio/profile manager 670 to analyze relative risks and determinewhether the offered loan is approved for acquisition. Alternatively, theacquisition software 655 uses information generated by a remoteprocessing engine, such as processing engine 620, and/or informationgenerated/maintained by the portfolio/profile manager 670, to analyzerelative risks and determine whether the offered loan is approved foracquisition.

The loan acquisition software 655 may also communicate, via the remoteoffering interface 690, a request to acquire certain loans. Theacquisition software 655 delivers the required parameters via parameterdelivery 680 to, for example, the loan origination computing system 603,which retrieves the parameters via remote parameter retrieval 640 anduses the parameters retrieved to determine whether or not any of theloans in the profile meet those parameters. If at least one does, andthe loan origination computing system 603 desires to sell the identifiedloan(s), the loan acquisition computing system 650 completes thetransaction with the loan origination computing system 603, assuming theterms of sale are otherwise acceptable.

In addition, the system of FIG. 6 enables a user (e.g., a buyer, lenderor seller) to define an interest rate, decide whether to increase ordecrease a down payment, or to increase or decrease the number of monthsof the term of the loan, among other parameters, dealing with theapproval of the loan for a buyer. This allows for intelligent advising,where suggestions are made to the buyer to assist the buyer indetermining what loan parameters should be changed so that the buyer canqualify for a loan having a larger maximum ceiling. For example, incertain cases, the re-payment of a predetermined amount of a buyer'sexisting revolving debt will significantly increase the maximum loan forwhich the buyer will qualify.

FIG. 7 is a system diagram illustrating yet another embodiment of theonline affordability-based purchasing system of FIG. 1. An originationcomputing system 710, a credit reporting service 720, a single ormultiple lender's system(s) 740, a loan affordability computing system750, and a the web sales site 760 all interconnect to the internet 799.A client using the system can access all of the components of the systemusing a browser/user interface (I/F) 732, which may be contained within,for example, a client computer 730.

The origination computing system 710 may contain, among other things, anorigination software (S/W) 711. The origination software (S/W) 711 maycontain, among other things, an origination interface (I/F) 712, aprocessing engine 715, a portfolio manager 717, and a remote parameterdelivery function 718. The origination interface (I/F) 712 itself mayperform, among other functions, a remote loan application entry function713 and a local loan application entry function 714. The processingengine 715 itself may contain, among other things, multiple profileparameters 716. The credit reporting service 720 itself may contain,among other things, a rating system engine 722. The rating system engine722 itself may perform, among other functions, a sales categoryconsideration function 724 and a requested format consideration function726. The origination computing system 710 may have the same or similarfunctionality as the loan origination computing system 603 of FIG. 6.

The loan affordability computing system 750 itself may contain, amongother things, an affordability software (S/W) 751. The affordabilitysoftware (S/W) 751 itself may contain, among other things, a processingengine 752, an origination interface (I/F) 757, and a credit ratingsystem interface (I/F) 758. The affordability software (S/W) 751 itselfmay perform, among other functions, a remote parameter retrievalfunction 756. The processing engine 752 itself may contain, among otherthings, multiple profile parameters A 753, multiple profile parameters B754, and multiple profile parameters N 755. The web sales site 760itself may contain, among other things, an affordability interface (I/F)software (S/W) 762. The affordability interface (I/F) software (S/W) 762itself may perform, among other things, a pricing system integrationfunction 764 and a purchase completion integration function 766.

The interconnection between the credit reporting service 720 and theInternet 799 may be a low bandwidth connection in certain embodiments ofthe invention. The credit reporting service 720 may generate a specifictype of report or rating, using the sales category consideration 724component of the credit rating engine 722, pertaining to the type ofgood(s) and/or service(s) for which financing is sought. For example,the credit reporting service 720 can handle different types of good(s)and/or service(s) in different manners to ensure that the maximum loanvalue for those specific good(s) and/or service(s) is found. Whendealing with different good(s) and/or service(s), such as an automobileor a home, or with repayment of revolving credit, the creditreporting/service 720 is operable to accommodate the different manner inwhich parameters corresponding to the buyer are entered.

In addition, the credit reporting service 720 may provide for anonymityin the loan approval process. When a buyer uses conventional methodsemployed in purchasing good(s) and/or service(s), such as automobiles,whenever a loan analysis is performed wherein the buyer is deniedfinancing, the buyer receives an undesirable rejection on his personalcredit history. If a buyer goes from one provider of good(s) and/orservice(s) to another and the buyer is continually rejected forfinancing, the buyer's personal credit history can be significantlycompromised. In response to the requested format consideration 726component, the credit reporting service 720 may provide to the buyermultiple, anonymous credit reports, if so requested by the buyer. Inaddition, a full credit report is sent to a seller's system, as shown inthe various embodiments of the system, but only after the buyer's loanhas been approved.

In addition the credit reporting service 720 may, in response to therequested format consideration 726 component, generate only a creditrating and nothing else, if requested by the client. For example, thecredit reporting service 720 does not generate a large file having allof the buyer's account information listed. Rather, the credit reportingservice 720 generates only a single value indicative of the buyer'scredit rating. This reduction of information provides for a significantsavings of bandwidth within the system.

In the system of FIG. 7, a client, such as a buyer, for example, usesthe browser/user interface 732 of client computer 730 to access a websales site 760 of a single seller or one that interfaces with multiplesellers. The buyer can view products and then select a product orproducts to perform an affordability analysis. The buyer may, forexample, select a button or icon on the web sales site 760, whichvectors the buyer to the loan affordability computing system 750. Thebuyer then uses the affordability software 751 and information providedvia the affordability interface software 762 to perform affordabilityanalysis, as discussed above.

For example, the processing engine 752 may access the credit reportingservice 720, via the credit rating system interface 758, to obtain abuyer credit rating. The processing engine 752 then uses the creditrating obtained, pricing information from pricing system integration 764component, and the profile parameters of multiple lenders stored inmemory, for example, to determine the product(s) that the buyerqualifies to purchase and the loan(s) applicable to each. The processingengine 752 may also retrieve, via the remote parameter retrieval 756component, remote parameters of other lenders, which parameters may belocated in the origination computing system 710 or the lender'ssystem(s) 740, to consider the loans of those lenders in the analysis.The remote parameter retrieval 756 component may also be used to obtainupdated parameter information from multiple lenders so that the loanaffordability computing system 750 may update the multiple profileparameters used by the processing engine 752. In either case, the remoteparameter retrieval 756 component may interface with a remote parameterdelivery component, such as remote parameter delivery 718 component oforigination computing system 710 or that of the lender's system(s) 740.

Once the buyer performs the affordability analysis, the buyer may selecta product and a loan, and complete the purchase. The affordabilitysoftware 751 may access the origination computing system 710 via theorigination interface 757, and the origination computing system 710 mayoriginate the loan, similarly as discussed above. The web sales site 760includes purchase completion integration 766 so that the buyer canpurchase the selected product from the web sales site 760, using theloan originated via the loan affordability computing system 750.

FIG. 8 is a system diagram illustrating a still further embodiment ofthe online, affordability-based purchasing system of FIG. 1. The systemof FIG. 8 illustrates one embodiment of the invention wherein certainlenders need not necessarily directly participate with the system, yettheir information is nevertheless provided to a user. A partiallyintegrated origination system 810, an independent origination business801, a fully integrated origination system 840, an integrated web salessite 802, and an affordability software (S/W) 870 all interconnect tothe Internet 899.

The partially integrated origination system 810 itself may contain,among other things, an origination software (S/W) 811. The originationsoftware (S/W) 811 itself may contain, among other things, anorigination interface (I/F) 816, a processing engine 820, and aportfolio/profile manager 830. The processing engine 820 itself maycontain, among other things, multiple profile parameters 822.

The fully integrated origination system 840 itself may contain, amongother things, an origination software (S/W) 841. The originationsoftware (S/W) 841 itself may contain, among other things, anorigination interface (I/F) 846, a processing engine 850 having multipleprofile parameters 852, a portfolio/profile manager 860, and a remoteparameter delivery function 862. The affordability software (S/W) 870itself may contain, among other things, a processing engine 871, alender interface (I/F) 892, that may perform, among other things, aremote parameter retrieval function 890, and a credit rating systeminterface (I/F) 894.

The processing engine 871 utilizes confirmed parameters 872 and manuallyentered parameters 882. The confirmed parameters 872 contains multipleprofiles, as illustrated by multiple profile parameters A 873, multipleprofile parameters B 874, and multiple profile parameters N 875,corresponding to different lenders integrated into the system, such as,for example, that represented by fully integrated origination system840. The parameters of integrated systems as such may be deliveredremotely, via a remote parameter delivery function, such as remoteparameter delivery 862 function of system 840. The affordabilitysoftware 870 uses the parameters delivered to update the confirmedparameters 872. The affordability software 870 may also retrieve suchparameters, via the remote parameter retrieval 890 function, andsimilarly update the confirmed parameters 872. Since the confirmedparameters are those of integrated lenders, they do not need separateconfirmation before loan origination.

The manually entered parameters 882, illustrated by manually enteredparameters A 883, manually entered parameters B 884, and manuallyentered parameters N 885, are those of nonintegrated lenders, whichparameters are manually entered. Parameters as such should be confirmedwith the relevant lender before loan origination to determine whetherthey are still valid.

The independent origination business 801 is illustrative of onebusiness, which may also be a provider of good(s) and/or service(s),that is not directly integrated nor participating in the system. Theparameters for such an independent origination business may be addedmanually to the system. The integrated web sales site 802 isillustrative of a business that is fully integrated, or participating,in the system. A client may therefore access the affordability software870 via the integrated web sales site 802.

The multiple profile parameters 822 within the processing engine 820 arepulled, not pushed. However, the multiple profile parameters 852 withinthe processing engine 850 are pushed within the system. The effects ofany changes of the multiple profile parameters 852 within the processingengine 850 take effect immediately due to the full integration of thefully integrated origination system 840. The confirmed parameters 872within the affordability software (S/W) 870 are confirmed to be exactlythose parameters corresponding to various lenders. The manually enteredparameters 882 within the affordability software (S/W) 870 are enteredmanually after verifying, if desired, that the parameters are actuallyindicative and representative of the parameters provided by the variouslenders cooperating with the system. Also, the processing engine 871within the affordability software (S/W) 870 performs actualaffordability analysis, and it is operable to perform estimatedaffordability analysis wherein a full credit report is not generated ifnot all of the parameters are available.

FIG. 9 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1 that utilizes anaffordability portal. An origination software (S/W) 902, a browsersoftware (S/W) 904, an affordability software (S/W) 906, a creditreporting service 908, a number of independent web sales sites 950, anaffordability portal software (S/W) 910, and a number of integrated websales site softwares (S/Ws) 960 all interconnect to the internet 999.

The affordability portal software (S/W) 910 itself may contain, amongother things, a number of integrated site listings 917, a search engine918, and a number of browser framing configurations 912 each having apricing interface (I/F) 913 and a payment interface (I/F) 914. Theintegrated web sales site software (S/W) 960 itself may contain, amongother things, an affordability interface (I/F) 970. The affordabilityinterface (I/F) 970 may have, among other things, pricing systemintegration 972 and a purchase completion integration 974.

The affordability portal software (S/W) 910 is operable to serve as afront end for a number of different sellers. The affordability portalsoftware (S/W) 910 serves to provide a buyer using the system, access toa number of different sellers providing various good(s) and/orservice(s). The affordability portal software (S/W) 910 also is operableto perform framing for any of the various independent web sales sites950. Again, the framing performed here may be intelligent or dumb. Forexample, the framing may extract information from certain of the variousindependent web sales sites 950, or may simply display the informationprovided from certain of the various independent web sales sites 950.The extracted information in the intelligent framing embodiments of theinvention is used by the affordability software (S/W) 906 to performanalysis for loan approval and loan acquisition by a buyer using thesystem.

The origination software 902 affordability software 906 and the creditreporting service 908 may have the same functionality of similarcomponents discussed above.

In the system of FIG. 9, a buyer may, via the buyer's browser software904 access the affordability portal software 910, which containsintegrated site listings 917. The buyer may access the integrated siteslisted, or perform a search of all sites, integrated or independent,using the search engine 918.

When a buyer accesses an integrated site, such as that represented bythe integrated web sales site software 960, the buyer may perform anaffordability analysis using the affordability software 906. Theaffordability interface 970 enables pricing information to be accessedby the affordability software 906, and enables the purchase to becompleted, via the affordability portal 910, if desired, using a loanoriginated via the origination software 902.

When a buyer desires to purchase a product from an independent web salessite 950, the affordability software 910 frames pricing and paymentinformation, via the pricing interface 913 and payment interface 914,respectively. The pricing information obtained may be used to perform anaffordability analysis using the affordability software 906. The paymentinterface 914 may be used to complete a purchase of a product from theindependent web sales site 950 via the affordability portal software910.

FIG. 10 is a functional block diagram illustrating one embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention. In a block 1010, credit information is collected.Subsequently, in a block 1020, a predetermined number of credit reportsare retrieved. The credit reports are contained within any of thelocations for storage of credit reports in any of the variousembodiments of the invention. Then, in a block 1030, an approvaldecision criterion is generated or constructed. If desired, multipleapproval decision criteria may be generated or constructed in the block1030. Then, in a block 1040, loan applications are delivered to allapplicable integrated lenders that operate independently. Thoseintegrated lenders that do not operate independently, but that operatewithin the system performing the method 1000, automatically receive loanapplications corresponding to the buyer.

Then, in a block 1050, qualification and qualification parameters aredetected for all proxy lenders. Examples of qualification parametersinclude interest rate of a loan, the term of a loan, and the downpayment to be paid for the loan. For all of the lenders that are notintegrated, the qualification and qualification parameters correspondingto those lenders are estimated in a block 1060. If desired, in a block1070, the loan information is constructed/ordered and displayed to abuyer. Here, the system may display such information as whether thelocal area network is approved, the particular lenders from whom thebuyer can secure financing, and other information pertaining to thesecuring of a loan for the buyer. Finally, in a block 1080, thequalification parameters that are either detected in the block 1050 orare estimated in the block 1060 are used to filter the offering.

FIG. 11 is a functional block diagram illustrating another embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention. The method 1100 provides for the option of selection.In a block 1110, all of the available good(s) and/or service(s) areprovided for selection. Then, when an affordability request 1115 ismade, the method proceeds to collect credit information in a block 1120.Subsequently, in a block 1130, a predetermined number of credit reportsare retrieved.

Then, in a block 1140, an approval decision criterion is generated orconstructed. If desired, multiple approval decision criteria may begenerated or constructed in the block 1140. Then, in a block 1150, loanapplications are delivered to all applicable integrated lenders thatoperate independently. Those integrated lenders that do not operateindependently, but that operate within the system performing the method1100, automatically receive loan applications corresponding to thebuyer. The delivering of the loan applications in the block 1150 may beperformed with or without selection information. For example, theinformation provided to the applicable lenders that operateindependently may or may not contain any information pertaining to anyselection of good(s) and/or service(s) performed in the block 1110.

Then, in a block 1160, qualification and qualification parameters aredetected for all proxy lenders. Examples of qualification parametersinclude interest rate of a loan, the term of a loan, and the downpayment to be paid for the loan. For all of the lenders that are notintegrated, the qualification and qualification parameters correspondingto those lenders are estimated in a block 1170. Again, this can be donewith or without selection information. Then, in a block 1180, the loaninformation is constructed/ordered and displayed to a buyer. The systemmay display such information as whether or not the local area network isapproved, the particular lenders for whom the buyer can securefinancing, and other information pertaining to the securing of a loanfor the buyer. Finally, while not shown in FIG. 11, the qualificationparameters that are either detected in the block 1150 or are estimatedin the block 1160 may be used to filter the offering.

As previously described, a buyer interacts with the online,affordability-based purchasing system of the present invention throughthe buyer's, lender's or dealer's computer system. The online,affordability-based purchasing system is typically comprised of a webserver that operates to perform affordability-based purchasingfunctionality via conventional web browser software. At a block 1201, abuyer initiates interaction with the online, affordability-based webserver through an Internet connection. The web server provides a seriesof HTML screens to the buyer offering the sale and financing of aninventory of goods at an event block 1211.

The buyer may choose to interact with the affordability-based web serverby immediately attempting a credit analysis at a block 1213 to determinewhether or not they can qualify for any or all of the goods ininventory. Doing so will prevent the buyer from having to waste time andefforts reviewing and analyzing descriptions of goods or services thatthe buyer cannot afford to finance. If so, the web server delivers acredit application web page to the buyer at a block 1221. Once itreceives the credit information, the web server performs multi-lenderqualification analysis at a block 1223. This entails pulling creditreports online and using the information pulled, along with the othercredit information provided at the block 1221, to calculate whether thebuyer meets the loan offering conditions of each and every participatinglender.

Afterwards, the web server, through interaction with the buyer'sbrowser, provides the display of only those items in inventory (orservices) that the buyer can afford to purchase through financing, at ablock 1225. The web server also supports full screening functionality toassist the buyer in locating one or more specific items in inventory.Along with traditional selection considerations such as quality orprice, the buyer may also consider the financing offered in making theirdecision to purchase a good. Upon request by the buyer, the web serverdelivers the financing information, e.g., the lenders, the term, andassociated costs, to the buyer, at the block 1225. Upon selecting a loanand inventoried item or service at a block 1227, the web serverinteracts with the buyer through the buyer's browser at a block 1253 tocomplete the sales transaction, and then ends the interaction at a block1261.

If the assortment of inventory of items or services is extensive, thebuyer may choose, at the block 1215, to screen some of the inventory orservices at a block 1241. Screening may be performed by either selectingthose things in inventory or services that the buyer would like tofurther consider or by selecting items in inventory or services that thebuyer does not want to further consider. If the buyer selects a singlegood or service after performing screening at the block 1241, the buyermay choose to finance at a block 1243 or choose to pay with check,credit, EFT (electronic funds transfer) or other non-financing method ata block 1251. By selecting the latter, the buyer can interact with theweb browser to complete the sales transaction 1253 before ending at ablock 1261. Should the buyer indicate the desire to seek financing atthe block 1243, the buyer is directed to the blocks 1221 and 1223 tocollect and analyze credit information to determine whether the buyercan afford to finance a single good or service or the subset of goods orservices identified by the buyer at the block 1241. Thereafter, the webserver permits the buyer to review the “affordable” goods or servicesand the corresponding loan offerings at the block 1225 for selection atthe block 1227. Any selected one or more goods and services andcorresponding loan(s) are completed as before at the block 1253. Thus,although there are many other ways that interaction may occur betweenthe buyer and a seller, the present invention permits the buyer to usethe affordability filtering as a tool to help them quickly and easilyselect one or more goods or services from a plethora of offerings thatthey may or may not be able to finance. Such affordability filtering maytake place at any time during the buyer's screening process, including,as illustrated, before the buyer attempts to screen.

As used throughout herein, a lender's loan offerings shall includetypical term loans wherein the buyer owns the good at the end of theloan term, lease offerings wherein ownership is retained by the lesser,and any other type of financing.

FIG. 13 is a flow diagram illustrating a buyer's interaction via a webbrowser with a web server that performs online, affordability-basedpurchasing wherein a buyer's profile is created to extend the purchasingtransaction through multiple sessions. In particular, a buyer interactsat a block 1301, to select a good or service using affordabilityscreening. Once the good or service and the specific financing isselected at the block 1301, the buyer is prompted to complete thetransaction at a block 1303. If, at a block 1305, the buyer accepts, thetransaction is completed at the block 1307. However, if the buyer doesnot accept at the block 1305, the transaction is saved as part of thebuyer's profile at a block 1309. If, possibly many days later, the buyerdecides to complete the transaction and purchase through financing thegood or service, the buyer may retrieve the profile information andcomplete the deal.

When the buyer attempts to complete the extended transaction session,the web server first verifies that the offer (i.e., the price, the goodor service, and the selected loan) is still available. If so, the buyeris prompted to complete the transaction at the block 1307.

FIG. 14 is a flow diagram that illustrates further functionality of theonline, affordability-based purchasing system of the present invention,wherein the purchasing (or leasing) transaction occurs through multiplesessions involving not only a buyer, but also a seller. Specifically, abuyer may interact with an affordability-based web server via thebuyer's web browser to identify a good or service that the buyer isconsidering purchasing with financing, for example as described inreference to the flow set forth in the blocks 1301, 1303, 1305 and 1309of FIG. 13. The buyer may choose not to complete the transaction due toa variety of reasons, including, but not limited to, requiring orneeding a seller's participation in the closing of the transaction.

If the buyer does so choose, the affordability-based web server deliversthe transaction information to the seller at a block 1401. In anexemplary embodiment, this entails the affordability-based web server'sdelivery of a buyer reference number to the seller. Such deliveryinvolves one or both notification via email to the seller and via theseller's browser when the seller interacts directly with theaffordability-based web server. Thereafter, the seller may request theselected loan and good or service information from the buyer's profilefor further consideration at a block 1403. At a block 1405 the sellerinteracts with the web based server to complete the transaction. Thismay involve direct interaction online or via telephone with the buyer.For example, the seller may telephone the buyer, and while the buyer andseller both are interacting to view the offer through the Internet, theseller may convince the buyer to complete the deal with or withoutmodification to the current offering by decreasing the price, offering adifferent loan, or offering a different or additional good or service tothe buyer.

Alternatively, the buyer fail to complete the transaction at home on thebuyer's own browser, yet choose to visit the seller to inspect the goodand then complete, with or without the seller's assistance, thetransaction online.

FIG. 15 is a flow diagram that illustrates further functionality of theonline, affordability-based purchasing system of the present inventionwherein a buyer may use a lender's online, telephonic or in-personassistance in closing a transaction that spans multiple buyer's,seller's, and lender's sessions. Using affordability screening, a buyermay select one or more goods or services, but decide not to complete thetransaction. As mentioned before with reference to FIG. 13, the buyermay save the pending transaction for a later session's retrieval andconsideration by the buyer, a lender and/or seller.

The buyer may interact with a lender (or a seller) while the buyer iscurrently interacting online via the buyer's browser with theaffordability-based web server. In this mode, the buyer may send anindication to either the buyer or the lender that the buyer desiresassistance in completing the transaction. In response, if a lender haspersonnel available online, the lender will receive the buyer's requestwhich includes a reference from which the lender may retrieve thebuyer's transaction information in order to assist the buyer incompleting the transaction. Upon the lender selecting to respond, theaffordability-based server establishes a white board between the buyerand the lender through which typed questions and answers can beinstantly communicated in a real-time manner.

If the lender is currently unavailable, the affordability-based serverwill inform the buyer that the lender will respond as soon as the lenderbecomes available, or via email or telephone. In many cases, a telephoneconference between the buyer and lender may be appropriate where boththe buyer and lender are viewing the transaction information online.Alternatively, voice messages with or without associated video may beexchanged online as well.

Such interaction and functionality is also applicable to interactionbetween the buyer and the seller, the seller and the lender, and betweenthe buyer, lender and seller. All the while the affordability-based webserver keeps track of the entire transaction through such multiplesessions with multiple parties through the buyer's transaction profile.

In the specific embodiment illustrated in FIG. 15, a lender receives abuyer's reference number at a block 1501. Using the transactionreference number, the lender is able to retrieve the transactioninformation at a block 1503. Through online and/or telephonicinteraction, at a block 1505, the affordability-based web server assiststhe lender in convincing the buyer to complete the transaction. This mayinvolve adjustments by the lender to the financing offering, including,but not limited to, the term, the interest rate, the down payment, etc.The lender may similarly interact with a seller to convince the sellerto select the lender by, for example, offering the seller an incentivepossibly beyond those currently offered by other lenders for thetransaction in issue. Such incentive may be a referral fee or anincrease in the points paid for the seller's loan origination. Thelender may also convince the buyer or seller by selecting and offeringalternate financing options, such as leasing.

FIG. 16 is a flow diagram that illustrates various aspects of salespersistence of the online, affordability-based purchasing system of thepresent invention. Periodically, the online, affordability-based webserver will select each pending transaction reference number storedtherein at a block 1601. If the underlying transaction information meetscertain conditions including a time threshold of inactivity, at a block1603 the web server will respond with one or more of a plurality ofpersistent sales techniques to entice the buyer, lender and seller toclose the transaction.

Specifically, at a block 1605, the affordability-based web server willsend email reminders to one or more of the buyer, lender, or selleridentifying aspects of the underlying transaction including thetransaction reference number, permitting easy retrieval of thetransaction information upon, for example, a single mouse click. The webserver may also choose to offer promotions, such as coupons, rebates,etc., or identify similar goods or services that may entice the buyer(lender or seller) to close the transaction.

Also via email, the affordability-based web server periodically, asdefined by the block 1603, checks that a seller's current good orservice offerings, pricing, and/or corresponding loan offering are stillavailable as identified in the pending transaction. If any changes arefound, the buyers, lender and/or seller receives an email communicationfrom the web server describing the differences found. For example, abuyer who has nearly closed a transaction based on selection of aparticular loan and good offered by a particular seller may receive acommunication via, for example email, from the affordability-based webserver. The communication might state that there is only twenty-four(24) hours left to complete the transaction as previously selectedbecause, for example, the lender's or seller's offering may be changedor retracted at the end of the twenty-four (24) hour period. Similarly,the affordability-based web server may identify an additional andsuperior loan offering or good pricing that may convince the buyer tocomplete the transaction. Thus, in response, the web server willcommunicate such differences in the underlying stored transaction to thebuyer. With a click of mouse via the buyer's email notification, thebuyer will be served web pages from the web server that reestablishesthe underlying transaction with the incentive from the underlyingcommunication offered therein. The buyer may also access the web serverdirectly without vectoring from the underlying communication to view andselect such incentives.

Such incentives and changes in underlying pending transactions aregenerated by the affordability-based web server, via a persistent salesmanagement browser-based interaction with the web server. Suchinteraction may occur with personnel that operate the web server, andthrough seller or lender interaction via their respective browsers withor without buyer anonymity. Thus, a lender or seller may determine howmany prospective buyers are considering their loans, goods or servicesand may attempt to interact to complete such transactions through theaffordability-based web server.

FIG. 17 is a flow diagram of the online, affordability-based purchasingsystem, wherein a seller or a lender may identify buyers having pendingunderlying transactions involving, or who have shown interest in, thegoods, services, or financing of the lender or seller. Specifically, ata block 1701, the lender or the seller may interact with theaffordability-based web server via their web browser to deliver specialincentive instructions to the web server. Such instructions includeidentifying the criteria by which potential buyers are identified,characteristics of the offered incentive, and the mechanism forcommunicating the incentive to the buyer.

In response, at a block 1703, the affordability-based web server maysearch through the buyer's profile for a subset of buyers that meet thelender's or seller's conditions. Thereafter, the affordability-based webserver communicates the seller's or lender's offer to the subset ofbuyers. Such communication takes the form of an email offer at a block1705, although other communication methods may be used. Although notshown, the affordability-based server also automatically bills theseller or lender for such services rendered based on the number ofbuyers actually contacted. Again, such contacts may be anonymous, or thesubset of buyers may be identified directly to the lender or seller.

Special offer incentives may include coupons, rebates, additionalservices or goods, sponsor dollars, etc., possibly bounded bylimitations in time to which the incentives will be valid. Many otherconventional incentive, or promotional techniques may be used.

A potential buyer may be selected based on many factors. For example,only buyers with pending underlying transactions involving a lender thatis offering the specific incentive may be contacted. Alternatively, forexample, a seller may contact any buyer that has been qualified by alender to purchase a similar good or service.

FIG. 18 is flow diagram illustrating the functionality of the online,affordability-based purchasing system of the present invention withreference to the selection of one of a plurality of loan offerings for agiven good or service selected. The affordability-based web server, at ablock 1801, uses the credit information collected from a buyer alongwith one or more retrieved credit reports as a basis for affordabilityscreening. The web server interacts with a buyer's, lender's or seller'sbrowser to display sufficient information regarding each financingoption associated with a particular selected good so that the selectionof the financing may be made.

Specifically, the affordability-based web server delivers web pagesidentifying each finance offering, along with a plurality of parametersassociated with each, for display and comparison. Such parametersinclude, for example, whether the finance option is a lease or a loantype offering, monthly payments, down payments, balloon payments, loanterm, total cost of ownership or total cost of leasing, originationpoint allocation, deadlines for exercising, other restrictions, lenderbranding information and marks, etc.

At blocks 1803, 1805 and 1807, the affordability-based web serverinteracts with a buyer's, lender's or seller's browser to cause thedisplay of various information regarding finance offerings so that anoffering may be selected or adjusted based on a comparison of competingfinance offerings. For example, a lender may interact with theaffordability-based web server to compare the loan offering that wasautomatically generated using the lender's loan parameters with otherlender's loan offerings. In response, the lender may adjust, forexample, its interest rate to entice the buyer into selecting its loanoffering over that of its competitors. Likewise, the lender might adjustthe point allocation for origination to entice a seller into selectingthe lender's loan offering over other lender's offerings.

In particular, at a block 1803, the affordability-based web serverdelivers web pages that display each lender's branding information alongwith, at a block 1805, other loan parameters. The display may beautomatically sorted based on any of such parameters so that a singlefinance offering may be selected. To assist in this process, charts areconstructed, e.g., a plot of interest rate versus loan amount may bedisplayed at a block 1807.

FIG. 19 is a flow diagram that illustrates one way that the costs offinancing may be reduced in the online, affordability-based purchasingsystem of the present invention. At a block 1901, theaffordability-based web server identifies all forms necessary tocomplete the sale and financing transaction for the seller, lender andbuyer. With such forms, the affordability-based web server usesinformation from the buyer's profile and underlying transaction topre-fill the forms, and then prompts either the buyer, lender or selleras necessary to complete the transaction. To accomplish this process,the forms may be electronically routed via, for example, the Internet toeach of the seller, lender and buyer as necessary, or may be printed byany of the parties for completion of the transaction offline. In thisway, the seller and lender, for example, need not know the specificrequirements of each or the associated forms needed. EFT (electronicfunds transfer) services are offered at a block 1903 with associateddiscounts. Should the buyer accept such offering at a block 1905, theaffordability-based web server will interact with the buyer to establishthe EFT pathway and payment schedule using information from the buyer'sprofile along with supplemental information gathered directly from thebuyer, at a block 1907.

Through the online, affordability-based purchasing system of the presentinvention, the buyer may interact in many ways to complete atransaction. For example, the buyer may pre-select one or more goods orservices or good or service types through “screening”, filter those ofthe goods or services that the buyer cannot afford to finance, select aspecific good or service and associated financing, arrange for thedelivery of the good or service, and complete the transaction online ina single session. Alternatively, for example, the buyer may start theprocess at a lender to select one or more goods or services that thelender will finance, review and possibly alter the selections at home,then travel to evaluate the goods or services at the seller's site wherethe buyer can complete the transaction.

The buyer may also use the affordability-based web server to trackaffordability-based change(s) resulting from underlying credit reportchanges or from a seller's price discounting or from a new financeoffering. When such change(s) occur, the affordability-based web serverwill respond by emailing the buyer regarding the change(s). Theaffordability-based web server will detect such change(s) byperiodically retrieving the buyer's credit report, good or serviceinformation from the seller, and/or financing information from a lender.For example, a buyer may select a car for which the buyer is currentlyunable to afford financing, and direct the affordability-based webserver to check to see if financing for the vehicle becomes available.Such checking may occur at a pre-selected frequency, for example, onceevery fifteen (15) days.

To assist the buyer in this process and to generally make the buyer morecredit worthy, the affordability-based web server delivers creditmanagement web pages to the buyer for viewing through the buyer's webbrowser. The credit management pages permit the buyer to play a “whatif” game wherein the buyer can instantly determine the value of payingdown a loan, adding or removing a credit card, settling a loan, etc.Instead of merely estimating a change in the credit rating, theaffordability-based web server will use the “hypothetical” creditinformation to perform affordability searches against real product orservice inventories. The buyer may choose to view only such goods orservices that become available because of the underlying credit reportchanges. Thus, for example, a buyer may choose to pay down a loan by$3,000.00 while decreasing a down payment by $3000.00 in order toachieve financing. Underlying the affordability screening process, theaffordability-based web server need only pull the one or more creditreports from the credit reporting services once each 30-day period.Because the affordability-based web server is performing a creditanalysis and is not a lender, the credit reporting agencies need notadjust the buyer's credit rating as it does for conventional lender'sinquiries. Moreover, if, using conventional financing approaches, thebuyer inquired about financing from a plurality of lenders for aplurality of goods they could not afford, the buyer's credit ratingwould be adjusted negatively, with potentially hundreds of rejectionletters. With the affordability-based web server, the identity of thebuyer is never communicated to a lender unless the buyer selects aspecific lender that pre-qualified the buyer for purchasing a specificgood or service. No longer will the efforts required in servingrejection letters be needed. And no longer will credit reporting bureaushave to deliver credit reports to all of the lenders that the buyer mayapproach in attempting to gain financing for a particular good orservice. Similarly, sellers will not need to waste time or effortattempting to sell goods or services to buyers who are unable to gainfinancing.

In view of the above detailed description of the present invention andassociated drawings, other modifications and variations will now becomeapparent to those skilled in the art. It should also be apparent thatsuch other modifications and variations may be effected withoutdeparting from the spirit and scope of the present invention.

What is claimed is:
 1. An online reporting system comprising: anon-transitory memory; and one or more hardware processors coupled tothe non-transitory memory and configured to read instructions from thenon-transitory memory to cause the system to perform operationscomprising: providing, through a network for display on a buyer computerof a buyer, an online sales portal within a frame of an affordabilityportal webpage; receiving, through the network from the buyer computervia the affordability portal webpage, a request for input to an onlinereporting service that includes personal credit related information ofthe buyer; retrieving, in real time in response to the request, creditreport data relating to the buyer; updating, through the network on thebuyer computer using at least a portion of the credit report data,information displayed in the webpage external to the frame; processingat least a portion of the credit report data to generate a qualifieddollar amount; and providing, through the network to the buyer computer,the qualified dollar amount for use in real-time completion of afinanced purchase via the online sales portal of one or more sales itemofferings having a total price that does not exceed the qualified dollaramount.
 2. The system of claim 1, wherein the operations furthercomprise: communicating the credit report data relating to the buyer toa system of a financial entity providing loan funds amount associatedwith a purchase of a product from the online sales product.
 3. Thesystem of claim 2, wherein the qualified dollar amount is received fromthe financial entity.
 4. The system of claim 1, wherein the retrievingthe credit report data of the buyer is anonymously performed.
 5. Thesystem of claim 1, wherein the retrieving the credit report data of thebuyer is not used to negatively affect a credit record.
 6. The system ofclaim 1, wherein the credit report data comprises a credit rating. 7.The system of claim 1, wherein the online sales portal is part of amulti-seller system.
 8. The system of claim 1, wherein the operationsfurther comprise: retrieving credit report data relating to the buyerbased on the received request related to the online sales portal and thebuyer.
 9. A method performed by a computing system, the methodcomprising: presenting, in an affordability portal webpage provided bythe computing system, an online sales portal within a frame of theaffordability portal webpage; receiving, by the affordability portalwebpage during a concurrent buyer interaction with an online salesportal via a buyer computer, a request related to the online salesportal that includes personal credit related information of the buyer;producing, by the computing system, credit report data relating to thebuyer; processing, by the computing system, at least a portion of thecredit report data to generate a qualified dollar amount that is used bythe buyer in real-time completion of a financed purchase via the onlinesales portal of one or more sales item offerings having a total pricethat does not exceed the qualified dollar amount; and updating, by thecomputing system, information displayed on the affordability portalwebpage external to the frame based on at least a portion of the creditreport data.
 10. The method of claim 9, further comprisingelectronically transferring of funds corresponding to the qualifieddollar amount to enable completion of the sales transaction.
 11. Themethod of claim 10, wherein the transferring of funds is made to anentity associated with the online sales portal.
 12. The method of claim10, wherein the transferring is made to an entity associated with anintermediary financial related portal.
 13. The method of claim 9,wherein the qualified dollar amount corresponds to a price of the one ormore sales item offerings on the online sales portal.
 14. The method ofclaim 10, wherein the qualified dollar amount corresponds to a price ofthe one or more sales item offerings on the online sales portal.
 15. Themethod of claim 9, wherein the delivering a qualified dollar amountassociated with the online sales portal is made to a system associatedwith the online sales portal.
 16. The method of claim 9, wherein thedelivering a qualified dollar amount associated with the online salesportal is made to a system associated with an intermediary financialrelated portal.
 17. The method of claim 9, wherein processing, by thecomputing system, at least a portion of the credit report data togenerate a qualified dollar amount further comprises providing the atleast a portion of the credit report data to one or more financialentities providing loan funds amounts associated with a purchase of aproduct from the online sales portal.
 18. A non-transitorymachine-readable medium having stored thereon machine-readableinstructions executable to cause a machine to perform operationscomprising: presenting, in an affordability portal webpage, an onlinesales portal within a frame of the affordability portal webpage;receiving, by the affordability portal webpage and during a concurrentbuyer interaction with an online sales portal via a buyer computer, arequest related to the online sales portal that includes personal creditrelated information of the buyer; producing credit report data relatingto the buyer; processing at least a portion of the credit report data togenerate a qualified dollar amount that is used by the buyer inreal-time completion of a financed purchase via the online sales portalof one or more sales item offerings having a total price that does notexceed the qualified dollar amount; and updating information displayedon the affordability portal webpage external to the frame based on atleast a portion of the credit report data.
 19. The non-transitorymachine-readable medium of claim 18, wherein the operations furthercomprise electronically transferring of funds corresponding to thequalified dollar amount to enable completion of the sales transaction.20. The non-transitory machine-readable medium of claim 19, wherein thetransferring of funds is made to an entity associated with the onlinesales portal.